MORRISVILLE, NC--(Marketwire -01/25/12)- Tekelec (NASDAQ: TKLC - News) today announced that at a special meeting held today its shareholders voted to approve the Agreement and Plan of Merger, dated November 6, 2011 (the "merger agreement"), providing for the acquisition of Tekelec by a consortium led by Siris Capital Group, LLC ("Siris") and including affiliates of The ComVest Group, funds and accounts managed by GSO Capital Partners LP, Sankaty Advisors LLC, ZelnickMedia and other Siris limited partners and affiliates.
Upon consummation of the proposed merger, Tekelec shareholders (except for Tekelec shareholders who have properly exercised their dissenting shareholder rights) will have the right to receive $11.00 in cash, without interest and less applicable withholding taxes, for each share of Tekelec common stock they owned immediately prior to the merger subject to the terms and conditions set forth in the merger agreement.
The transaction is currently expected to close by the end of January 2012.
Tekelec's intelligent mobile broadband solutions enable service providers to manage and monetize mobile data and evolve to LTE and IMS. We are the architects of the new Diameter network, the foundation for session, policy and subscriber data management. More than 300 service providers use our market-leading solutions to deliver cloud, machine-to-machine and personalized services to consumers and enterprises. For more information visit www.tekelec.com.
Certain statements made herein, including but not limited to statements regarding the expected timetable for completing the transaction (which statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology), are forward-looking, reflect current intent, belief or expectations and involve certain risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially from those expressed in or indicated by them. Tekelec's actual future performance may differ materially from such expectations as a result of important risk factors, which include, in addition to those identified in Tekelec's filings with the Securities and Exchange Commission; any failure by Titan Private Holdings I, LLC and Titan Private Acquisition Corp. to complete the necessary debt and equity financing arrangements contemplated by the commitment letters received in connection with the merger; the occurrence of any event or proceeding that could give rise to the termination of the merger agreement; the inability of the parties to complete the merger due to the failure to satisfy the closing conditions; the outcome of any legal proceedings that may be instituted against the Company and others prior to the closing; and legislative, regulatory and economic developments. The Company can give no assurance that the conditions to the merger will be satisfied. The Company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. The Company also is not responsible for updating any of the other information contained herein beyond the published date.